US Economic News

Consumer price inflation in the developed economies eased for the third straight month in January to its lowest level in more than five years, dragged down by further decline in energy prices, figures from the Organization for Economic Cooperation and Development, or OECD, revealed Tuesday.
The consumer...

Patrick Harker, head of the University of Delaware, will succeed outgoing Philadelphia Federal Reserve Chairman Charles Plosser on July 1.
Harker is currently a member of the Philadelphia Fed's board of directors.
The appointment was jointly approved the Philadelphia Fed's board and the Board of...

Adding to concerns that the U.S. economy in the midst of winter lull for the second year running, U.S. construction spending unexpectedly fell in January.
Spending on U.S. construction projects declined 1.1 percent in January to a seasonally adjusted annual rate $971.4 billion, the U.S. Commerce Department...

With labor issues at West Coast ports continuing to cause problems for exporters, the Institute for Supply Management released a report on Monday showing that U.S. manufacturing activity growth slipped to its lowest in more than a year.
The ISM said its purchasing managers index fell to 52.9 in February...

U.S. consumer spending fell in January for a second consecutive month, due largely to a big drop in gasoline prices.
The Commerce Department said on Monday consumer spending slipped 0.2 percent after falling 0.3 percent in December.
Analysts expected a slightly smaller decline of 0.1 percent.
However,...

New government data released on Monday showed that personal income rose in January. However spending unexpectedly declined.
Personal income increased by 0.3 percent in January. Economists had expected the measure to rise by 0.4 percent.
Meanwhile, personal spending fell for the month. The figure...

William C. Dudley, New York Federal Reserve President today urged caution on raising interest rates, citing uncertainty about the sustainability of the U.S. economic recovery.
"I do think that the real potential GDP growth rate will be lower over the medium term, held down by much slower growth of...

Consumer sentiment in the U.S. deteriorated by less than previously estimated in the month of February, the University of Michigan revealed in a report on Friday. The report said the final reading on the consumer sentiment index for February came in at 95.4 compared to the preliminary reading of 93.6.

Pending home sales in the U.S. rebounded in the month of January, according to a report released by the National Association of Realtors on Friday, with the increase reflecting improved buyer demand. NAR said its pending home sales index climbed 1.7 percent in January.

Business activity in the Chicago area unexpectedly contracted in the month of February, according to a report released by MNI Indicators on Friday. MNI Indicators said its Chicago business barometer tumbled to 45.8 in February from 59.4 in January, with a reading below 50 indicating a contraction in regional business activity.

Economic growth slowed by even more than previously estimated in the final three months of 2014, according to a revised report released by the Commerce Department on Friday. The report said U.S. gross domestic product increased by a downwardly revised 2.2 percent in the fourth quarter.

Reflecting a notable rebound in orders for transportation equipment, the Commerce Department released a report on Thursday showing that U.S. durable goods orders increased by much more than expected in the month of January.

With energy prices showing another substantial decrease, the Labor Department released a report on Thursday showing that U.S. consumer prices fell by slightly more than expected in the month of January.

First-time claims for U.S. unemployment benefits rose by much more than expected in the week ended February 21st, according to a report released by the Labor Department on Thursday. The report said initial jobless claims jumped to 313,000.